Anyone want to join me? Awaiting Mortgage decision...

TheWorriers

Hi All!


I'm new around here so be gentle with me! Just wanted to share my story to give people some hope, in what I know can be one of the most worrying times of your life! We are first time buyers so this whole experience has been totally new to us, and I'm sure a lot of you are in the same boat when I say we had no idea what was going on when we were applying in regards to the process the applications follows. We applied for our mortgage through a broker (RSC New Homes) as advised by Persimmon. I think that this made our application easier in some ways but made our life more difficult in others, I do in some ways wish we'd have applied directly just to "cut out the middle man". We have applied for the mortgage with a help to buy loan and a 8.5% deposit of our own.


Anyway, here goes. So first of all myself and my other half have had to apply for our mortgage twice, due to silly rules implemented by our new home builder meaning that we had to apply for a mortgage 6 months ago, purely to exchange contracts and knowing that we would never be taking up that mortgage offer.


We recently re-applied and have again been accepted by Nationwide.


1st Timeline:
20/03 - Application submitted to Nationwide via Online Portal through broker.
21/03 - Text to say valuation had been booked for THE SAME DAY
22/03 - Text to say this was sent in error and was booked for the 27/03
27/03 - Valuation took place
30/03 - Text to say valuation had been approved
31/03 - Formal mortgage offer issued.


2nd Timeline:
21/09 - Text to say application had been received
21/09 - Text to say valuation had been booked for 05/10
22/09 - Text to say valuation had been rescheduled to 25/09
22/09 - Text to say valuation had been rescheduled to 24/09
25/09 - x2 Texts for valuation report received & approved
28/09 - Formal mortgage offer issued.


I think we've been really lucky in all honesty that our process both times only took a week or just over, I can't imagine the worry some of you guys are going through that are being dragged out for months.


I really hope this helps somebody out there who is scrolling through this forum feeling sick with worry at 11.30pm and unable to sleep! (or similar situation to myself). I think when looking at the process logically. Once you have your DIP, as long as you have told the truth, done your figures to check affordability and the valuation goes ok then you don't have an awful lot to worry about.


Really hope this helps some people out there, I felt I had to contribute after trawling through posts on this page to find my own little bit of solace in my time of need! (a little dramatic?)

kirtsypoos

Thanks fairyloveheart - started looking at carpet and paint colours last night, so I'm definitely super excited! :T

Hi The Worriers, I could have done with that post a few weeks ago as up until yesterday I was barely sleeping and constantly stressing - our mortgage advisor was fed up with me

The long and short of it is that you are right, the DIP and affordability are ok, there's no reason for worry....very easily said though, as I found out

MS_2008

Hi,
I've been lurking for a few weeks and just wanted to add my timeline and other information in case it's of help/reassurance to others awaiting their mortgage offer.

We are part exchanging on a new build property. We have £2.5k debt on a credit card and each have a bank load. Although one is under £1000 and will be finished in a few months.

We applied to Leeds Building society via a Broker

16/9 Meeting with broker to collate all the necessary documents (3 months bank statement, p60's, forms of ID etc)
17/9 DIP received, broker submitted full application
18/9 Survey arranged
23/9 LBS requested further statements from my partners current account to cover the period before he joined my current account earlier in the summer.
24/9 Documents uploaded to LBS portal
25/9 Survey report received by LBS
28/9 Mortgage offer confirmed by Broker, copy of survey report received
29/9 Formal offer received through the post.

Leeds Building society have been very efficient with our application, it's the first time I've used a broker for a mortgage application and it's been a very positive experience.

Good luck to anybody whose still waiting to receive the offer. It's certainly a nerve wracking wait!

fairyloveheart

My broker has chased NW and they are querying our child benefit payment, well it's on the statements they have - so what is there to query! We have one child, it's a standard payment that goes in every month?!

lottie3000

I'm joining the thread!!! DIP received a few weeks ago.

Our broker has submitted a full mortgage application today for us and the valuation fee has been taken off of my credit card. This is with Halifax who we already bank with.

Very nerve wracked at the moment!!

kirtsypoos

I'm sure there isn't any common sense at some of these lenders!

kirtsypoos

Best of luck lottie, I'm sure all will be fine for you

Dw_dunc

Dw_dunc wrote: »

Very impatient FTB here...

My timeline so far is:
11/09 - DIP from Nationwide
11/09 - Full application through broker
12/09 - Text from NW confirming receipt of app
13/09 - Contact from surveyed to book valuation
22/09 - Valuation done (delayed because we were away)
23/09 - Text from NW stating they'd received valuation followed immediately by a text accepting valuation.
23/09 - Email from broker stating that our file is having checks for offer to be issued.

My question is: What does this mean? What checks are being done and how long do they take?

We currently rent the house that we're buying so this isn't helping with my impatience as we've dreamed of owning it since we first moved in.

Update on our application:
The underwriters questioned a deduction on one of my wife's payslips (her pension contribution) on 23/09 and were due to make a decision with 48hrs. Heard nothing before the weekend, when the 48hrs was up, so contacted MA yesterday to query why a decision hadn't been made in the timeframe set by Nationwide and when we could expect one. The response I got was "it's a waiting game". Not impressed!
So I sit here now, 48hrs on from the 48hrs deadline (plus the weekend) with no sign of an offer and feeling very left in the dark with my family's future.

lottie3000

Do Halifax credit check at the decision in principle stage? Just wondering how long I have to bite my nails for really, hubby is self employed and a little nervous about the whole process. It was so much easier 8 years ago!! I have told them the truth and both of our full details and I don't think they'll be an issue with the house valuation.

mrsh86

Well the valuation took place today, hoping like mad we hear before the end of the week, my nerves are shredded!!